Simple English definitions for legal terms
Read a random definition: antlike persistency
A community estate is all the things that a married couple owns together in a community-property state. This includes everything they own and owe together.
A community estate refers to the total assets and debts that are owned in common by a married couple in a community-property state. This means that any property or debt acquired during the marriage is considered jointly owned by both spouses.
For example, if a couple in a community-property state buys a house together during their marriage, the house would be considered part of their community estate. Similarly, if they take out a joint loan, the debt would also be part of their community estate.
Another example would be if one spouse owns a business and the other spouse contributes to the business during the marriage, the business would be considered part of their community estate.
Overall, a community estate is a legal concept that recognizes the joint ownership of property and debt between married couples in certain states.